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22 May 2018 description
report Swiss Re

Every year natural and man-made catastrophes cause a distressing loss of lives and considerable economic costs around the world. Both industrialised and developing countries are affected. Surprisingly, both are also materially underinsured.

This financing gap is borne largely by the public sector, and may create long-term fiscal instability at a time when government budgets are stretched. Furthermore rating agencies are starting to take a closer look at such contingent liabilities faced by public administrations.

22 May 2018 description
report Swiss Re

Mexico has been hit by no less than seven major catastrophes since 1985. In 2005 Hurricane Wilma caused total economic damages of over USD 22 billion ‒ more than USD 8 billion of which were uninsured. Small wonder that the federal government has been an innovator in disaster risk management.

FONDEN ´excess of loss´ reinsurance structure

Established:
2011

Insured perils:
Declared natural disaster (eg flood, hurricane, earthquake)

16 Jan 2012 description
report Swiss Re

17 January 2012, Zurich

Much of the world is still vastly underinsured against earthquake risk, study finds - Underinsurance often due to low risk awareness in earthquake-prone areas - Earthquake models should consider secondary-loss factors more comprehensively

13 Mar 2002 description
report Swiss Re


Swiss Re's latest sigma study reports man-made and natural catastrophes claimed more than 33 000 lives worldwide in 2001. At USD 34.4 billion, the burden on property insurance due to catastrophe losses was extremely high - with an estimated USD 19 billion incurred by property and business interruption losses arising from the 11 September event. Furthermore, the insurance industry is having to cover liability and life insurance losses related to the attack which are estimated between USD 16.5 and 39 billion.